On August 28, the Hong Kong stock market saw northbound capital record a net purchase of HK$1.176 billion. Specifically, the Shanghai-Hong Kong Stock Connect posted a net buy of HK$885 million, while the Shenzhen-Hong Kong Stock Connect logged a net purchase of HK$291 million.

The stocks with the highest net inflows from northbound capital were VGT (02476), Zhipu (02513), and Yangtze Optical Fibre and Cable (06869). On the selling side, the most significant net outflows were seen in China Life Insurance (02628), Alibaba-W (09988), and Tencent (00700).

Despite a sharp 13% decline following its earnings release, VGT (02476) attracted bargain-hunting from northbound investors, who poured in a net HK$453 million throughout the day. The company reported first-half revenue of RMB 11.629 billion, up 28.77% year-on-year, with net profit attributable to shareholders reaching RMB 2.857 billion, a 33.3% increase. In the second quarter, revenue hit RMB 6.11 billion and net profit attributable to shareholders was RMB 1.568 billion, representing sequential growth of approximately 10.7% and 21.8%, respectively, sustaining its upward momentum. However, adjusted net profit excluding non-recurring items posted both year-on-year and quarter-on-quarter declines in Q2. Additionally, a morning announcement revealed that the company's actual controller, Chen Tao, transferred shareholdings to his spouse, drawing market attention.

Zhipu (02513) secured a net inflow of HK$341 million. On the evening of August 26, Zhipu officially launched and open-sourced GLM-5.3-Flash (320B-A18B), the first native multimodal model in the GLM-5 series. With a total of 320 billion parameters, it surpasses GLM-5.2 in capability and scored 57 points on the globally authoritative Artificial Analysis Intelligence Index (AA Composite Intelligence Index), placing it within the frontier model capability range, tied with Anthropic's most popular model, Claude Opus 4.8.

Yangtze Optical Fibre and Cable (06869) saw net buying of HK$295 million. Goldman Sachs noted that the company's second-quarter net profit soared 606% quarter-on-quarter to RMB 2.4 billion, aligning with its earlier guidance range of RMB 1.9 billion to RMB 2.5 billion, driven primarily by higher average selling prices for optical fibre products. The quarterly gross margin reached 60.5%, significantly above the 41.5% in Q1 and 28.7% in the same period last year, outperforming the bank's expectations.

Kingboard Laminates Holdings (01888) attracted net purchases of HK$216 million. The company issued price hike notices to customers, announcing immediate increases of 10%-20% on select products. This marks the seventh price adjustment notice this year, with nearly monthly increases since March. Preliminary calculations show that FR-4 copper clad laminates (thickness above 1.3mm) have accumulated gains exceeding 100% on a compound basis.

Hua Hong Semiconductor (01347) and SMIC (00981) experienced net sell-offs of HK$81.44 million and HK$142 million, respectively. Goldman Sachs released a research report indicating that semiconductor capital expenditure data from the second-quarter earnings season broadly exceeded expectations, coupled with more optimistic outlooks from equipment suppliers, driving significant upward revisions. The firm substantially raised its global wafer fab equipment spending forecasts for the next three years, lifting 2026-2028 market size expectations to USD 150 billion, USD 218 billion, and USD 281 billion, respectively, with increases notably surpassing prior projections.

Alibaba-W (09988) faced net selling of HK$380 million. Alibaba recently announced an HK$80 billion new share placement, with proceeds fully allocated to full-stack AI capabilities and AI infrastructure construction. According to sources, Alibaba founder Jack Ma has been increasing his holdings in Alibaba's Hong Kong shares for several consecutive days, with total investments exceeding HK$600 million. Combined with recent purchases by Alibaba's management, the aggregate amount has now surpassed HK$800 million.

Additionally, GigaDevice Semiconductor (03986) and Akeso (09926) recorded net inflows of HK$102 million and HK$91.89 million, respectively. On the flip side, China Life Insurance (02628) and Tencent (00700) saw net outflows of HK$878 million and HK$143 million, respectively.